P B A Infrastructure Ltd (PBAINFRA)
🎯 Key Takeaways
- P B A Infrastructure Ltd is in a distressed phase, marked by persistent losses, negative cash flows, and deteriorating operational metrics despite a high ROE figure that is misleading due to accounting anomalies. The company has not generated revenue in its most recent quarter (June 2026), with cumulative losses widening and balance sheet stress evident from negative reserves and high leverage.
- ⚠️ 1) Persistent revenue collapse and negative operating margins with no signs of recovery. 2) Negative equity reserves and high leverage raising solvenc
- Market Cap
- ₹10
- P/B Ratio
- -0.05
- ROE
- 42.1%
- ROCE
- -38.1%
- Debt/Equity
- -2.06
- Promoter
- 54.7%
📖 The Story
P B A Infrastructure Ltd is in a distressed phase, marked by persistent losses, negative cash flows, and deteriorating operational metrics despite a high ROE figure that is misleading due to accounting anomalies. The company has not generated revenue in its most recent quarter (June 2026), with cumulative losses widening and balance sheet stress evident from negative reserves and high leverage. Management has not provided a clear turnaround narrative, and operational activity appears to be contracting.
📰 What's Happening
The company reported zero revenue in Q1FY27 (June 2026), continuing a downward trend from ₹9 crore in September 2025 to ₹2 crore in December 2025. Operating losses have deepened significantly, with OPM turning increasingly negative (-967.1% in March 2026). There has been no new project announcement or order win disclosed in recent filings, and capital expenditure remains minimal. Management has not held earnings calls or issued strategic updates in the latest regulatory submissions.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 7 | 9 | 2 | 6 | 0 |
| Operating Profit | -1 | -3 | -2 | -54 | -2 |
| OPM % | -9.5% | -36.0% | -86.5% | -967.1% | — |
| Net Profit | -0 | -23 | -2 | -57 | -1 |
| EPS | ₹-0.26 | ₹-16.97 | ₹-1.22 | ₹-42.31 | ₹-0.87 |
Revenue has declined from ₹9 crore (Sep 2025) to ₹0 crore (Jun 2026), while operating losses have expanded from -₹3 crore to -₹2 crore despite lower revenue, indicating severe margin erosion. The company posted a net loss of ₹1 crore in June 2026, up from ₹-23 lakh in September 2025, with EPS remaining negative at ₹-0.87. These trends suggest no operational stabilization, and the financial trajectory reflects a business in contraction without visible recovery drivers.
🔮 Management Outlook & What's Next
There is no forward guidance or strategic outlook provided in the latest filing. Management has not articulated any recovery plan, target segments, or timelines for revenue generation. The absence of commentary on future operations or capital allocation strategy signals a lack of active operational focus or transparency regarding future performance.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 |
| Reserves | -128 | -132 | -210 | -152 |
| Borrowings | 405 | 407 | 405 | 404 |
| Total Liabilities | 331 | 324 | 244 | 308 |
| Fixed Assets | 18 | 21 | 14 | 16 |
| Investments | 29 | 29 | 29 | 29 |
| Total Assets | 331 | 324 | 244 | 308 |
The balance sheet shows a fragile capital structure with negative equity reserves (-₹210 crore as of March 2026) and high net borrowings of ₹405 crore, resulting in a debt-to-equity ratio of -3.53. Total assets have declined from ₹331 crore (March 2025) to ₹244 crore (March 2026), reflecting asset disposals or impairments. The company is not reinvesting in growth but is instead servicing debt with minimal cash generation, raising concerns about long-term solvency.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +1 |
| Investing | +1 |
| Financing | -1 |
| Net Cash Flow | +1 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 54.7% | 54.7% | 54.7% | 54.7% |
| FII | 1.1% | 1.1% | 1.1% | 1.1% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 37.1% | 37.2% | 37.2% | 36.2% |
| # Shareholders | 11,062 | 10,858 | 10,741 | 10,656 |
Promoter holding remains stable at 54.7%, with no signs of dilution or fresh pledging. Foreign institutional ownership is minimal (1.11%), and domestic institutional participation (DII) is negligible (0%), indicating limited investor confidence. The number of public shareholders has slightly declined, suggesting retail interest is not expanding. There are no signals of activist activity or strategic investor interest.
⚖️ Peer Comparison — Infrastructure Developers & Operators
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent revenue collapse and negative operating margins with no signs of recovery. 2) Negative equity reserves and high leverage raising solvency concerns. 3) Absence of new orders or project pipelines disclosed in filings. 4) Management silence on strategy and future outlook, indicating potential operational stagnation.
📋 Recent Filings
- 🔴 Announcement2026-09-30PBA Infrastructure Limited has had its corporate insolvency resolution process admitted by the National Company Law Tribunal (NCLT) Mumbai Bench follo…
- 🟡 voting results2026-09-27PBA Infrastructure shareholders approved all four AGM resolutions via remote e-voting and in-person voting on September 26, 2026, including reappointi…
- 🟡 Board Meeting2026-09-26PBA Infrastructure held its 52nd AGM on September 26, 2026, at 4:00 PM IST via video conference, approving the adoption of audited standalone financia…
- Announcement2026-09-25P B A Infrastructure Ltd has closed its insider trading window effective 1 October 2026 until 48 hours after the unaudited half-yearly results for the…
- 🟡 Board Meeting2026-09-03PBA Infrastructure Limited announced its 52nd AGM on 26 September 2026 at 4:00 PM via Video Conferencing/OAVM, seeking shareholder approval for FY2025…
- 🔴 annual report2026-09-03PBA Infrastructure Limited reported a net loss of ₹8,201.74 lakhs for FY 2025-26, down from a profit of ₹222.15 lakhs in FY 2024-25. Revenue declined …
🧠 Analyst's Read
The company is undergoing a severe operational and financial decline with no visible path to recovery. Investors should monitor for any signs of new project wins, balance sheet restructuring, or management changes, but current indicators suggest limited upside and elevated execution and solvency risks.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when PBAINFRA files new disclosures
Track PBAINFRA filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track PBAINFRA — FreeFree account · 2 AI queries/day